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May 29, 2017

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Shares edge lower, greenback up NT$0.038

TAIPEI--Shares in Taiwan edged lower in thin trading Monday amid cautious sentiment, while the U.S. dollar rose against the Taiwan dollar Monday, gaining NT$0.038 to close at the day's high of NT$30.268.

The greenback opened at NT$30.230, and moved to a low of NT$30.170 before rebounding. Turnover totaled US$510 million during the trading session.

The weighted index on the Taiwan Stock Exchange closed down 15.47 points, or 0.17 percent, at 8,951.19 after moving between 8,938.47 and 8,965.58 on turnover of NT$65.73 billion (US$2.18 billion).

The trading volume was the lowest level recorded so far this year, the dealers said.

Analysts said the slow trading session reflected cautious sentiment prevailing in the Taiwan market as the index reached a relatively high level near the 9,000-point mark.

Among the weakest sectors Monday was construction shares, which dropped over 1 percent in the wake of reports that the government is planning to increase taxes on homeowners with multiple properties.

Strong performance was seen in shares of major solar power companies, including Gloria Solar (生耀光電), Gintech Energy (昱晶能源), Solartech Energy (昇陽光電), Motech Industries (茂迪公司) and Neo Solar Power (新日光能源).

In the financial sector, shares of Taiwan Life Insurance Co. (台灣人壽) rose by the daily maximum of 7 percent to NT$25.65 on reports that the Financial Supervisory Commission will soon approve a planned acquisition of the company by CTBC Holding (中信金控).

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